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Parallel Channel

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Parallel Channel

A channel can be used as an entry pattern for the continuation of an established trend, as part of a trend following strategy. A channel forms when price action is controlled by 2 parallel, sloping lines and has tested each of these lines at least twice. An ascending channel indicates a bullish trend, with the support line connecting consecutive higher lows and the resistance line connecting consecutive higher highs.

A descending channel indicates a bearish trend, with the support line connecting consecutive lower lows and the resistance line connecting consecutive lower highs. Generally speaking, the support line of an ascending channel is a buy zone and the resistance line of a descending channel is a sell zone, while the opposing lines are profit-taking zones. A common stop level lies on the other side of the buy or sell zone. Conservative traders may look for additional confirmation before entering a trade. TradingView has a smart drawing tool that allows users to visually identify channels on a chart.
robbyduffy robbyduffy UKX, 15,
UKX: channel trade 16th Aug
16 0 1
UKX, 15
channel trade 16th Aug

We seem to have this phenomenon developing recently where if there is a gap overnight then the opening session will push in the direction gapped, rather than filling. I intend to find or do some historical analysis on this soon. I've got tired of how bad MT4 is; I don't think that my brokers help with their lack of historical data. So I switched from MQL to ninja ...

robbyduffy robbyduffy UKX, 15,
UKX: 15th Aug parallel channel trade
13 0 2
UKX, 15
15th Aug parallel channel trade

We had a 1h break down but it failed when the CPI data came out. The 5min bar break down didn't work either. I got out at break even. Generally we've had low vol so far this week. We are over sold and still wanting to close gaps towards 7400 so should still be swing long.

ShaunBC ShaunBC GBPUSD, D,
GBPUSD: GBP/USD: Long W/C 07 Jul
78 0 1
GBPUSD, D
GBP/USD: Long W/C 07 Jul

GBP/USD: Long, week commencing 07 July 2017 Equal distant channel formed starting in mid June, expecting a pivot point mid week for appreciation Enter around the 1.30166 mark

Dukascopy Dukascopy PRO GBPUSD, 240, Long ,
GBPUSD: GBP/USD 4H Chart: Channel Up
35 0 1
GBPUSD, 240 Long
GBP/USD 4H Chart: Channel Up

GBP/USD 4H Chart: Channel Up The British Pound is advancing against the American Dollar simultaneously in senior and junior ascending channels, where the latter represents a rebound of the currency exchange rate from the lower trend-line of the dominant formation. In the last hours of Monday’s trading session the pair made a second rebound from the bottom ...

robbyduffy robbyduffy UKX, 15,
UKX: 14th Aug channel trade (potential up trend day)
17 0 2
UKX, 15
14th Aug channel trade (potential up trend day)

I'm hesitant to label today as a trending day. We are over sold somewhat on Friday and reaching for gaps left from Weds and Thurs close. But the 8-9am trading range is holding for the moment. There're no big reports due today. The 5min opening bar break downwards worked for 10 points.

robbyduffy robbyduffy UKX, 15, Short ,
UKX: down trend day 10th Aug
19 0 3
UKX, 15 Short
down trend day 10th Aug

I think we are likely to get the 1h bar break down. The other trackers have fallen. The 5min bar break down activated but hasn't completed still. The thing holding us up is the 2 gaps to fill upwards.

robbyduffy robbyduffy UKX, 15,
UKX: 8th Aug channel trade
9 0 1
UKX, 15
8th Aug channel trade

There generally wasn't much movement yesterday. The US session kicked things up a gear though. I've been starting to pay more attention to my watchlist of correlated markets like NASDAQ, SP, DOW, Nikkei, DAX, Gold , Silver and generally the sentiment has been up the last few week days. 5min bar trade worked for bar length upwards. with we get an enthusiastic 1h ...

Dukascopy Dukascopy PRO NZDCAD, 60,
NZDCAD: NZD/CAD 1H Chart: Channel Down
14 0 1
NZDCAD, 60
NZD/CAD 1H Chart: Channel Down

NZD/CAD 1H Chart: Channel Down The New Zealand Dollar is losing value against the Canadian Dollar in a short-term descending channel, which started to form after the Kiwi appreciated by 0.9% just in one trading session. In the beginning, the currency rate was moving quite sharply amid macroeconomic data releases and, for this reason, stayed indifferent ...

robbyduffy robbyduffy UKX, 15, Short ,
UKX: channel trade 7th Aug
12 0 1
UKX, 15 Short
channel trade 7th Aug

New week, new trend? I'm looking for pivot today. Definitely observe the 1h bar break down.

robbyduffy robbyduffy UKX, 15,
UKX: channel trade 4th August
12 0 0
UKX, 15
channel trade 4th August

Bank announcement yesterday kicked the FTSE up 100 points which means getting stopped out of the 1h break down trade. But if you'd had a 1h break up trade ready then you'd be up many a point. Overslept so didn't trade the open but it looks as though the 5min break out wasn't a winner. After such a move and especially on a Thursday, expecting low vol. Correction ...

robbyduffy robbyduffy UKX, 15,
UKX: channel trade 3rd August
8 0 0
UKX, 15
channel trade 3rd August

I have the wombles theme in my head. 5min bar break up worked for 12 points. 1h bar not breached but will probably be down? I just went short on the UK managers data. "Uncle Bulgaria, he can remember the days..."

robbyduffy robbyduffy UKX, 15,
UKX: channel trade 2nd Aug
14 0 0
UKX, 15
channel trade 2nd Aug

Opening spike: didn't reach 10 points It reached 8 but I think I would only have got 4 points out of that trade if I had traded. 5min bar break: down was good. 1h. Not yet breached and could go either way. If it goes down I will ride this trend. Gap close: still looking to reach Monday's close which is why I'm bearish today.

robbyduffy robbyduffy UKX, 15, Short ,
UKX: 1st Aug channel trade
8 0 0
UKX, 15 Short
1st Aug channel trade

Opening spike trade: FAIL Opening 5min bar break: N/A beacuse range was 20 points Opening 1h bar break: broken out on the upside but the range is so extended that it's a risky trade. Gap Trade to 7375: In progress. Events today: EU GDP at 10am, UK Bond auction at 10.30am

robbyduffy robbyduffy UKX, 15, Short ,
UKX: channel trade 31st July
27 0 1
UKX, 15 Short
channel trade 31st July

A huge movement off fri's close price this morn. so spike trading failed. And opening min bar break trade was risky because of the huge range 8-8.05am. I traded the reversal soon after open when the spike lost steam in the 5min >80% RSI. Looking to copy the pattern laid out by 26th so planning a slow move down to pivot.

rollas rollas PRO NZDUSD, 15, Long ,
NZDUSD: NZDUSD LONG
29 0 3
NZDUSD, 15 Long
NZDUSD LONG

With high upward sentiment, lower portions of the consolidation zone can be a good opportunity to take long position. Up and downs that will occur inside the zone can be used to scalp but only at trend direction which is long. Buy the pullback, sell at zone upper range.

robbyduffy robbyduffy UKX, 15, Short ,
UKX: channel trade 27th July
14 0 1
UKX, 15 Short
channel trade 27th July

I have my eyes on the pattern mapped out on 18th. You know how sometimes a day can copy the pattern in a recent day? Well we won't get a break without a headline so looking to trade the waves down towards s1. There was a lot of movement before open but on open there was no spike. the opening 5min was 25 points but a break out for bar length worked for 25 points. ...

robbyduffy robbyduffy UKX, 15, Short ,
UKX: channel trade 26th July
13 0 2
UKX, 15 Short
channel trade 26th July

5min bar break up was good. The movemnet seems to have halted at 9am. A point on the clock. I'm short but if it ticks over 9am before 10 I will go long. But we have GDP numbers at 9.30 so holding onto my seat. The forecasts are normally correct, mind.

robbyduffy robbyduffy UKX, 15,
UKX: channel trade 25th July
12 0 1
UKX, 15
channel trade 25th July

A big move yesterday in completely the opposite way from what I'd anticipated. Still if you'd trade the 1h bar break down for bar length from 7423 you would have made 40 points. No spike today. 5min bar break up was good. the other indices are up. We are actually just breaking the 8-9am range as I type so might enter long for 45 points.

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